在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
We've just settled on our new PPOR development site in Bardon, Brisbane. Its a 427m2 small lot which was recently subdivided from an existing dual lot with an old house straddling both lots. They've knocked the old house down and sold one lot to us and got a DA through for a new house on their remaining lot.
Bardon is a hilly area of Brisbane about 4km from the CBD and near Paddington. It is an established suburb with older houses and a high median price. Lots of parks and good schools.
Our site is a sloping site which falls away from the street to a public reserve park at the back which is pretty much only used by the residents which back onto it from both sides. It is a waterway which runs down to a creek in an adjoining street.
Here's some photos:
From the public reserve at the back looking up at our block:
A shot of the public reserve:
Got to love all that grass at the back on someone else's mowing bill!!
And finally, a shot of the DA plans that we have since modified for final submission to council. They're in at present under assessment:
Its a 5 bedroom, 3 bathroom house over three levels. We intend to sublet the bottom level out which would be a standalone 1 bed 1 bath unit with separate access. We will live in the top two levels which would then be 4 bed, 2 bathroom. Our master bedroom has a big WIR and ensuite. We're really looking forward to a nice big spa bath in the ensuite so we can sip champagne in the bubbles after a hard days work.
Of which we anticipate a few. We've decided to do it as an owner builder. So, Kay and I are off to do our Owner Builder course in October. I work at OneSteel and I can get all the flooring system as a steel kit using our Duragal Flooring System (DFS) product range. Here's a link to the DFS products:
I get all the steel at a little over cost price which includes all of the connection fabricated components. I also get all my rural steel at cost so have just put up a starpicket and wire temporary boundary fence around the entire property for $400. Took me two weekends, but its done now.
We needed the fence as we have two beautiful Border Collies and we plan on living on the site while we do the owner builder. We just bought a new van and will be putting it right down the back near that public reserve this weekend. That way we're well out of the building envelope. If you're into vans then here's the cheapie we bought to live in for 12 months or so:
So that's it in a nutshell. We're still only half way through our big Mona Vale multi-unit development which is taking longer than it should, but we're keen to move forward with our next PPOR. The bank came to the party as the interest servicing on the site is the same as the rent foregone when we move out. It will be a tough grind for the next 6 months or so until Mona Vale is finished and let, but after that our cash flow will improve significantly.
Nothing good ever came easy!
For those into numbers...
The site cost $370K, the build should come in under $230K for a total of under $600K. The QLD state government will give me $10K for my efforts too under the new grant. It should value at completion at minimum $850K.
Or, we let the whole thing out at completion and generate $250pw for the 1bed unit and $550pw for the 4 bed house for $800pw for a yield of about 7%. That's mega conservative. It could easily rent for $1,000pw in the right environment but I'm a conservative fellow.
looks good mate. Looking forward to the updates
That link to the van doesn't seem to work.
Have you checked with the council that it is legal for you to live in a caravan on the site?
marg4000 said: ↑
Have you checked with the council that it is legal for you to live in a caravan on the site?Yep, certainly have. Its all legal in Brisbane, the only conditions were that we needed a toilet and waste disposal. We're hiring a porta loo and applied for the bins through council. The van went onto the bottom of the site on Sunday, that was back breaking work digging and leveling the area. I've also 90% finished putting up the new boundary fence now with star pickets and fencing wire. We're flying to Sydney this weekend coming to meet my Mona Vale builder and review that project then next weekend we're moving most of our stuff into storage in Brisbane. The weekend after we aim to move to our new site. Can't wait!
MargClick to expand...
Wow, Michael. Putting aside the challenge of holding down a job and overseeing two builds in different states, the thought of a year in a caravan with a small child would do my head in. You're a driven man. Good luck with it all.
Looks good Michael,
I can imagine how nice the view would be from the back deck looking over the nature reserve.. although the rear elevation shows two decks, while the left elevation shows one?
Is the wall framing in truecore?
As far as I know if you want to rent out with two seperate leases, the land needs to be zoned accordingly - not low density, but low-medium density. But the one lease may get about the same rent anyway..
Wish you all the best during the build!!
Wohoo!!! Some great news just in...
Hi MichaelWoohoo!! Time to get on with it now!
Your application has been approved by the delegate
good luck with the project
if you run into difficulties and we can help please do not hesitate to call us.
*****name edited out*****
Urban Planner|Development Assessment
City Planning & Economic Development|BRISBANE CITY COUNCIL
West Regional Office|70 Station Rd, Indooroopilly
Web: http/www.brisbane.qld.gov.auClick to expand...
If you stuck for ideas during the build feel free to call me and I will be happy to point you in the right direction as building on a sloping or small site can be challenging at times. I usually run all the scenarios in my mind before starting.
Might give you a call for a general chat anyway. Trick now will be getting finance for an owner build. I've flicked it all to WBC but they don't like playing in this space much.
I'll also post up some more detail about how I've got the quotes together to get it constructed to lockup now too. I'm using a steel construction and have actually sourced OneSteel internal quotes for the Flooring System at a really sharp price given I'm an employee. Budget is looking really good at present.
MichaelW said: ↑
I'll also post up some more detail about how I've got the quotes together to get it constructed to lockup now too.Click to expand...Would love to see these as that seems a cheap build for such a big house on a sloping site ... some sites I've seen like that, the site/foundation costs would equal your total build expectation. Next door to us had to pay $40,000 alone to have a old mine sink hole filled that was uncovered during foundation work.
lizzie said: ↑
Would love to see these as that seems a cheap build for such a big house on a sloping site ...Click to expand...Hi Lizzie,
OK, I'll break it down a bit...
Firstly, we're doing it as a pole house so this means we only need to put in concrete footings for the piers. Not much major ground work at all. We get a piece of machinery with an augur and dig some holes then fill them with reo and concrete, done. There is a small amount of cut and fill but nothing requiring serious engineering.
But the big win was that I used the OneSteel flooring system from Light Steel Technologies (LST) who are part of the OneSteel group. As an employee I can get this at a really good price. I've attached the flooring design they did for me as a PDF. They've quoted me $35K for the floorign system and passed my design on to one of their key customers called Rigid Steel to construct the floor and also do all the rest of the framing and truss work in steel. He's quoted me another $35K odd for all that work. So all up, about $70K for the full frame in steel. I'll need another $10-15K for the ground work to sink those 19 stumps and do the concrete garage slab. Still, it should be all done for under $100K. I should get to lockup for around $120-130K all up, but I've got to get the windows and doors, cladding and roofing all quoted yet.
All still rubbery figures so don't do the "that's impossible you fool" type responses. I haven't had it quoted and this is all indicative. Still, the steel framing quotes are great and there's scope for me to take another $10K odd out of the OneSteel flooring quote if I source some elements direct myself as the state Supply Chain Manager.